NDO – Vietnam’s economy is set to rebound strongly by 8.1% in 2021 the fastest growth rate in Asia, as stated by HSBC in a recent report.
The bank has released an economic research report entitled “Asia Economics: It’s about stamina” which predicts the resilience of Asian economies against the COVID-19 epidemic.
According to the report, thanks to efforts to control the first COVID-19 wave, in the first six months this year, Vietnam still recorded a growth rate of 1.8%.
HSBC said that the successful containment of the second wave, which was stopped by Vietnam within a month, provides encouragement for the economy.
Economic activities are recovering strongly, especially through the resumption of commercial flights. Therefore, HSBC expects that Vietnam’s GDP growth rate will reach 2.6% in 2020 making the country the only ASEAN economy forecasted to have positive growth this year.
By 2021 HSBC forecast that Vietnam would benefit from the global recovery and attract FDI inflows. HSBC expected Vietnam’s economic growth in 2021 to reach 8.1% (down from the previously forecast at 8.5%).
As the pandemic continues to put deflationary pressure on the economy, HSBC suggested that Vietnam needs more monetary support policies to help recover its economy.
Meanwhile, commenting on Vietnam’s nine-month GDP growth, Japan’s Nikkei Asia stated that, thanks to its success in preventing the spread of COVID-19 Vietnam’s economy has maintained not only positive growth but also higher growth than any other major ASEAN economy.
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